Walmart Faces Investor Criticism Over Rollback of DEI Programs

Shareholders managing $266 billion in assets challenge the retailer's decision to scale back diversity initiatives, citing concerns over values and financial risks.

More than 30 Walmart investors, including faith-based groups, have signed a letter to CEO Doug McMillon questioning the rollback of diversity, equity, and inclusion (DEI) programs.
Walmart's changes include ending preferential treatment for diverse suppliers, withdrawing from the Human Rights Campaign’s Corporate Index, and replacing 'DEI' terminology with 'belonging.'
Shareholders claim the company has not provided a financial rationale for these changes, despite prior evidence of DEI's business benefits.
Critics argue that Walmart's actions reflect capitulation to political pressure from anti-DEI groups, including conservative commentator Robby Starbuck, who has publicly taken credit for influencing the decision.
The investors are requesting a meeting with Walmart leadership to discuss the implications of these policy shifts for marginalized groups, who make up a significant portion of the company’s workforce.